Trump Proposes Radical Third-Term Economic Plan: Tariffs, Tax Cuts, and Constitutional Challenges
May 4, 2025
Former President Donald Trump has unveiled a controversial economic agenda for a potential third term, featuring aggressive trade policies and tax reforms—while sparking debates about constitutional limits. Here’s what’s proposed and why it matters:
Key Proposals
1. Universal Base Tariffs
📌 Plan: 10% baseline tariff on all imports, rising to 60% on Chinese goods.
📌 Goal: Force manufacturing back to the U.S.
📌 Criticism: Economists warn this could raise consumer prices by 3-5% (Peterson Institute, 2024).
2. “Trump Tax Cuts 2.0”
📌 Plan: Extend 2017 tax cuts + new corporate rate cuts (15% down from 21%).
📌 Controversy: Could add $4T to national debt over a decade (Tax Policy Center, 2025).
3. Challenging the 22nd Amendment
📌 Context: Trump claims the amendment (limiting presidents to 2 terms) doesn’t apply to him due to a disputed 2020 election.
📌 Legal Reality: Scholars call this “constitutional fantasy” (NPR, 2025).
Why This Matters
- Market Reaction: Stocks dipped on tariff news, especially retailers reliant on imports (Bloomberg, May 2025).
- Global Tensions: EU and China threaten retaliatory tariffs.
- Election Impact: Trump’s base cheers “America First” revival, but swing voters fear economic instability.
📌 Source: Full USA Today Report
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